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Foreclosure vs. Short Sale

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Foreclosure Law Definitions

Escrow

An independent third party who acts as the agent for buyer adn seller, or for borrower and lender, carrying out instructions of both and disbursing documents and funds. Escrow closes and the transfer of property (or document) is completed upon fulfillment of conditions specified in the written escrow instructions, at which point the necessary deeds and other documents are recorded.

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